DISCONTINUED OPERATIONS
On January 31, 2011, the Company completed the sale of the polyethylene terephthalate ("PET") business, related assets at the Columbia, South Carolina site, and technology of its Performance Polymers segment for $615 million and recognized a gain of approximately $30 million, net of tax. The Company contracted with the buyer for transition services to supply certain raw materials and services for a period of less than one year. Transition supply agreement revenues of approximately $220 million, relating to raw materials, were more than offset by costs and reported net in cost of sales. The PET business, assets, and technology sold were substantially all of the Performance Polymers segment and therefore the segment operating results are presented as discontinued operations for all periods presented and are not included in results from continuing operations.
Operating results of the discontinued operations which were formerly included in the Performance Polymers segment are summarized below:
|
| | | | | | | |
| For years ended December 31, |
(Dollars in millions) | 2012 | | 2011 |
Sales | $ | — |
| | $ | 105 |
|
Earnings before income taxes | — |
| | 17 |
|
Earnings from discontinued operations, net of tax | — |
| | 9 |
|
Gain from disposal of discontinued operations, net of tax | 1 |
| | 31 |
|
